I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is… — Charlie Munger Copy Share Image
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of… — Charlie Munger Copy Share Image
I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it. — Charlie Munger Copy Share Image
You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves… — Charlie Munger Copy Share Image
Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of… — Charlie Munger Copy Share Image
I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may… — Charlie Munger Copy Share Image
Recognize reality even when you don't like it-especially when you don't like it. — Charlie Munger Copy Share Image
If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they… — Charlie Munger Copy Share Image
I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory… — Charlie Munger Copy Share Image
We only want what success we can get despite encouraging others to share our general view about reality. — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share Image
If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well… — Charlie Munger Copy Share Image
Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to… — Charlie Munger Copy Share Image
I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned… — Charlie Munger Copy Share Image
I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and… — Charlie Munger Copy Share Image
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share Image
The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And… — Charlie Munger Copy Share Image
Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.… — Charlie Munger Copy Share Image
They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good… — Charlie Munger Copy Share Image
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good… — Charlie Munger Copy Share Image
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling… — Charlie Munger Copy Share Image
![“Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of money. What is also needed is a temple of shame squared for things you didn't do that would have made you rich. Forgetting your mistakes is a terrible error if you are trying to improve…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/5af/charlie-munger-458_categories_chris-davis-of-the-davisfunds-has-a-temp_1992003.jpg)
![“They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they're probably more successful than charter schools.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/a55/charlie-munger-458_be-good_they-mc-donalds-take-people-and-give-the_41809.jpg)
![“It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8d0/charlie-munger-458_advantage_it-is-way-less-certain-to-be-a-wonderful_59627.jpg)